On June 26th, Guo Le News reported that Bank of China International published a report stating that although the consumer market is under pressure, Wangwang's strong cost control measures and lower raw material prices are expected to be in line with the bank's expectations for the 2024 fiscal year. The bank believes that performance reflects Wangwang's products' ability to withstand cycles and be more resilient than most dairy industry peers. In the next fiscal year, Bank of China International expects Wangwang to continue to benefit from low-priced milk powder inventory, so it is expected that its gross margin will further increase, and the gross margin in 2025 is expected to reach 47.2%, a four-year high, supporting profit growth. The bank is bullish on Wangwang's commitment to shareholder returns and its defensive nature. Assuming a 7% dividend yield and 26% return on net assets in the 2025 fiscal year, the bank believes that the valuation of 11 times the 2025 P/E ratio is attractive and reiterates a "buy" rating with a target price raised from HKD 6 to HKD 6.2.